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Amex Platinum Card Review: Premier Value for Luxury Card Holders

Review Updated
Lyle Daly
By: Lyle Daly
Lyle Daly
Lyle Daly
Writer

Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.

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Nathan Alderman
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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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The Platinum Card® from American Express is good for frequent travelers who want it all -- and don't mind paying for it. It has an incredible list of benefits, including elite status at multiple hotels, airport lounge access, and a variety of spending credits (terms apply; select enrollment may be required). All that comes with a steep $695 annual fee (see rates and fees).

Find out if it's worth it for you in our Amex Platinum Card review.

The Platinum Card® from American Express
Apply Now for The Platinum Card® from American Express

On American Express' Secure Website.

Terms apply

Rates & Fees External Link Icon

Ratings Methodology

The Platinum Card® from American Express

Apply Now for The Platinum Card® from American Express

On American Express' Secure Website.

Terms apply

Rates & Fees External Link Icon

The Platinum Card® from American Express
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Apply Now for The Platinum Card® from American Express

On American Express' Secure Website.

Terms apply

Rates & Fees External Link Icon

Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR

Purchases: n/a

Balance Transfers: n/a

APR

See Pay Over Time APR

Rewards Circle with letter I in it. Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.

1X-5X Membership Rewards® Points

Annual Fee

$695

Welcome Offer Circle with letter I in it. Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.

80,000

  • This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy, and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.

    • Big welcome offer
    • Substantial spending credits
    • Airport lounge access
    • Hotel benefits
    • Flexible travel points
    • Annual fee
    • Limited bonus categories
    • Spending credits can be complicated to manage
    • Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
    • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
    • $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
    • $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
    • The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
    • $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
    • $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
    • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.
    • $199 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
    • Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
    • Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
    • Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
    • $695 annual fee.¤
    • Terms Apply.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Trip delay and cancellation insurance and cell phone protection underwritten by New Hampshire Insurance Company, an AIG Company. Extended warranty, purchase protection, car rental insurance, and baggage insurance underwritten by AMEX Assurance Company.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. Circle with letter I in it. N/A 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 28.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 20.24%, 25.24%, or 29.99% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 19.24% - 29.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 19.24% - 29.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Amex Platinum Card review

Is the Amex Platinum Card worth it?

The Platinum Card® from American Express can be either an amazing deal or far too expensive. It all depends on whether you can take advantage of its benefits. Many of these benefits aren't the easiest to use, so this card isn't right for everyone. But if its features fit your lifestyle, it's one of the most valuable travel rewards cards you'll find.

Author's note

I'm a big fan of travel cards, and I also love American Express cards, because I've always been impressed with its high level of customer service. It's easy to resolve issues and get questions answered by phone or live chat, and wait times are short. I've avoided The Platinum Card® from American Express because it's a little too complicated for my tastes. I'd rather not keep track of too many benefits. But if you don't mind that, this card is loaded with perks -- I've considered opening it just for the amazing airport lounge access.

What everyone else is saying

From professional credit card reviews to online forums, here's a look of what others think about this American Express card.

What other review sites say

Average review site rating: 4.4 / 5.0 stars

We read reviews of this card from five top review sites. Everyone's largely in agreement about its pros and cons. On the positive side, reviewers loved the wealth of features you get, including:

  • Bonus rewards on certain types of travel spending
  • Arguably the best airport lounge access of any card
  • A long list of airline and hotel partners to transfer your points
  • A variety of spending credits
  • (Terms apply; select enrollment may be required)

The main complaints were the costly annual fee and how hard it can be to manage all the benefits. Some reviewers pointed out that this card isn't going to be for everyone. Indeed, it's really only well-suited for a small number of people.

Online consensus

This seems to be a love-it-or-hate-it card online. Some cardholders rave about how much value they get from it. Others can't stand trying to use all the benefits, especially the spending credits -- I saw people refer to it as a "full-time job" and a "coupon book."

Most are in agreement that this American Express card is a fantastic value for the right person, but it's not ideal for everyone else. If the travel perks and spending credits are features you'd normally use, then this card makes sense. If you won't use them, or if they're going to cause you to spend more than you would otherwise, you should look for top credit cards that better fit your needs.

Amex Platinum Card features and benefits

Lucrative bonus opportunities to maximize rewards

The Platinum Card® from American Express has one of the largest welcome offers you'll find. You earn 80,000 Membership Rewards points for spending $8,000 on purchases within the first 6 months (terms apply). You could redeem those points for airfare through American Express Travel, or it's possible to get even more value by transferring them to a travel partner.

You can also earn big on travel bookings with this card. Here are its rewards rates:

  • 5X points per $1 on flights booked directly with airlines or through American Express Travel, on up to $500,000 in purchases per calendar year
  • 5X points per $1 on prepaid hotels booked on amextravel.com
  • 1X point per $1 on all other purchases
  • Terms apply.

It doesn't have a lot of bonus categories, to be honest. But it at least earns high rates on two of the top travel expenses.

A rewards program packed with travel partners

The American Express Membership Rewards program doesn't disappoint. Membership Rewards points are transferable to over 20 airline and hotel partners, so there are plenty of ways to use them (terms apply).

Transferring points to a partner works especially well for expensive bookings. For example, if you want to book business class on an international flight, you could transfer points to the airline's loyalty program. It's possible to get $0.02 to $0.03 per point or more this way -- meaning 80,000 bonus points could be worth $2,400 or more.

A word of warning: It takes time to figure out how to use American Express points. If you're not interested in transferring points, this may not be the card for you, because the other redemption options don't offer much value. The only decent alternative is booking airfare through American Express Travel for $0.01 per point.

Upgrade your travels with premium perks

If you love luxury travel experiences, you'll probably love this card. It has what I consider the best airport lounge access in the business, with complimentary access to over 1,400 lounges. That includes the following types of lounges:

  • American Express® Centurion Lounges
  • Priority Pass (enrollment required)
  • Escape Lounges
  • Delta Sky Club®
  • Lufthansa
  • Plaza Premium

American Express® Centurion Lounges, in particular, are known for being much more upscale than your typical lounge. They get crowded, as they've become extremely popular. Still, the dining options, drinks, and layouts get high marks from travelers.

Being a Card Member also entitles you to automatic Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status. There aren't many hotel cards offering elite status with multiple hotel loyalty programs. Terms apply.

Over $1,500 in spending credits -- just make sure you can use them

This American Express card has all kinds of travel, entertainment, and dining credits. Here's what it offers every year:

  • $200 in Uber Cash (and Uber VIP status): Receive $15 in Uber Cash per month, and $35 in December, for rides or Uber Eats orders in the United States.
  • $200 hotel credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using The Platinum Card® from American Express. Bookings through the Hotel Collection require a minimum two-night stay.
  • $240 digital entertainment credit: Get up to $20 per month back each month on eligible purchases made with The Platinum Card® from American Express on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal.
  • $155 Walmart+ credit: Use The Platinum Card® from American Express to pay for a Walmart+ membership and receive a statement credit covering the full cost ($12.95 plus applicable taxes) each month.
  • $200 airline fee credit: Get up to $200 per calendar year in statement credits when incidental travel fees on one qualifying airline are charged to your Card. This covers anything an airline classifies as a fee, but not airfare.
  • $300 with Equinox: Get up to $300 per year in statement credits when you pay for an Equinox+ digital subscription or an Equinox Club membership with The Platinum Card® from American Express.
  • $100 at Saks Fifth Avenue: Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on The Platinum Card® from American Express. That's up to $50 in statement credits from January through June and $50 from July through December.
  • $199 with CLEAR® Plus: Get up to $199 back per calendar year when you use your Card to pay for a membership in the CLEAR® program.
  • Terms apply; enrollment may be required

You can also get a statement credit every four years covering a Global Entry or TSA PreCheck membership. Terms apply.

Robust travel and shopping protections

When people talk about how they love using this American Express card, it's often because they feel like they're covered in the event of an issue. Here are its complimentary protections that apply to every eligible purchase:

American Express is unique in that it's also an insurance company. If you need to file a claim, you do so directly with American Express -- not a third-party insurance company, like with the insurance that other card issuers offer.

What could be improved

Complicated perks make it hard to get your money's worth

The biggest complaint I see about this card is the difficulty of using its benefits. The spending credits, in particular, are often a source of frustration. Sure, you could get over $1,500 in value every year -- if you use Uber every month, have a Walmart+ membership, shop at Saks twice a year, and so on.

This card only makes sense if the benefits fit your lifestyle, and if you don't mind keeping track of them. It's definitely not the card to pick if you're looking for simplicity.

Not a big earner on everyday spending

For all its benefits, this American Express card has a lackluster rewards rate. It only has two bonus categories, and neither of them are on everyday spending categories, such as gas and groceries. If your goal is to earn as many points as possible, there are better rewards cards available.

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

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What to know before applying

Amex Platinum Card credit score

A FICO® Score of 670 or higher is recommended when applying for The Platinum Card® from American Express. Your credit score is one of many factors that American Express will consider, so that alone doesn't guarantee an approval or denial.

Pre-approval process

American Express has a pre-approval tool online that anyone can use, or you can check for pre-approvals in your account if you're already a client. Either one will show you if you're a match for any American Express cards, which may or may not include The Platinum Card® from American Express.

Regular APR

The Platinum Card® from American Express is designed to be paid in full every month. If you use its Pay Over Time feature, you can find the APR in your card's rates and fees.

Fees

Here are the fees for The Platinum Card® from American Express:

  • Annual fee: $695
  • Foreign transaction fee: None
  • Balance transfer fee: N/A
  • See rates and fees

Credit limit

The Platinum Card® from American Express has no preset spending limit. The amount you can spend adapts based on several factors that include your purchases, payments, and credit history. American Express offers a tool to check your spending power, which you can find in your online account and the mobile app.

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.

FAQs

  • The Platinum Card® from American Express doesn't have a credit limit or a preset spending limit. The amount you can spend is flexible based on factors that include your purchase, payment, and credit history. If you want to see if a large purchase will be approved, American Express offers a tool to check your spending power in your online account and its mobile app.

  • The Platinum Card® from American Express is hard to get if you don't have good or excellent credit. Most approved applicants have a FICO® Score in the 700s.

  • Yes, you can use The Platinum Card® from American Express internationally, and it doesn't charge a foreign transaction fee.